Youths aged 25 and below declared bankrupt on the rise

The rate of youths, aged 25 and below, declared bankrupt in the country is becoming increasingly worrying with 579 individuals recorded in the first six months of this year.

Minister in the Prime Minister's Department Nancy Shukri said most of the individuals faced bankrupcy due to failure to repay vehicle loans, personal loans and credit card payments.

"The number, out of the total of 12,381 individuals declared bankrupt, was an increase from 208 individuals last year," she said at the 'Young Generation Information Empowerment' programme, organised by the Johor Youth and Sports Department and Prime Minister's Department here today.

From January to June this year, she said, 2,491 individuals, aged 25 to 34, were also declared bankrupt and another 4,121 individuals, aged 35 and 44.

She said the government through the Credit Counselling And Debt Management Agency and Insolvency Department organised programmes for the community, especially youths in managing their finances wisely and teach them to address bankrupcy.

Hence, she urged individuals or youths to get advice or early help from the relevant agencies if they had been declared bankrupts.

"Based on feedback obtained from organising several programmes previously, we found that the majority of youths are not aware of the services and assistance provided by the government resulting in them being bankrupt at a young age," she said.